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Politics / Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Omooba77: 7:45pm On Apr 16
Nigeria is burning through its foreign exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.

That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg.

At the beginning of the year, the naira went down to about N1,900 to a dollar. Many speculators had expected the value of the naira to continue its free fall. However, the naira has been gaining strength lately and has gone up to about N1,100 to a dollar.

Bloomberg reports that the development came after the Central Bank of Nigeria introduced measures to improve liquidity, attract capital inflows and allow the market to determine the naira’s exchange rate. As part of the reforms, the CBN pledged to clear a backlog of pent-up dollar demand.

The CBN does appear to be using its FX reserves to clear the valid backlog, and return the naira to a realistic exchange rate,” said Charles Robertson, the London-based head of macro strategy at FIM Partners. “My assumption is they hope to encourage others – local and foreign investors – to start investing in the local currency, and return private sector liquidity to the foreign exchange market.”

Nigeria still has a sizable cushion of foreign-exchange reserves, buoyed by a rally in oil prices and inflows from multi-lateral loans. Gross reserves of around $32.6 billion cover about six months’ worth of imports, according to the International Monetary Fund.

The central bank said last month it had cleared a backlog of overdue dollar purchase agreements estimated at $7 billion since the beginning of the year.

That was built over years as the central bank pegged its currency against the dollar, leading to a scarcity of foreign currency that deterred foreign portfolio investment. However, it’s unclear how much dollar debt the CBN retains on its books.

The publication of the central bank’s financial statements late last year showed it had securities lending agreements with JP Morgan Chase & Co. for $7 billion and another $500 million with Goldman Sachs Group Inc.

It is not clear if those obligations have been settled. A spokesperson for the central bank didn’t immediately respond to Bloomberg’s request for comment on the telephone.

The FX reserves have fallen despite a surge of inflows into capital markets following 600 basis points of cumulative interest rate hikes in February and March, which increased the allure of Nigerian local debt. Foreign portfolio inflows exceeded $1 billion in February, bringing total receipts so far this year to at least $2.3 billion, according to the central bank.

“The CBN will also be aware that new inflows from Afreximbank, the World Bank, and a possible eurobond, plus the benefit of higher oil prices and a likely return of remittances via official and semi-official channels (rather than bitcoin) will allow reserves to stabilize or rise again,” Robertson said.

https://www.bloomberg.com/news/articles/2024-04-16/ngn-usd-nigeria-s-fx-reserves-plunge-in-tandem-with-naira-rebound?

15 Likes 2 Shares

Politics / Garri, Yam, ‘akpu’ Lead In Food Inflation, As Abia Tops With 5.17 % — NBS by Omooba77: 1:40pm On Apr 15
The National Bureau of Statistics (NBS) says prices of Garri, yam, ‘Akpu’ and other food items increased in March.

The bureau disclosed this in a report titled Consumer Price Indices Report for March 2024, released on Monday.



The report shows that the prices of food items have skyrocketed, leaving many people unable to afford staple foods.



On food inflation, the bureau said: “The food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percentage points higher compared to the rate recorded in March 2023 (24.45 per cent).


“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following per cent items:

“Gari, millet, Akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sardine, and mudfish dried (under Fish class).

“Palm oil, vegetable oil (under Oil and Fat), beef feet, beef head, liver (under meat class), coconut,

watermelon (under Fruit Class), Lipton tea, Bournvita, Milo (under coffee, tea, and cocoa class).

Further analysis of the report showed that Southern states, led by Abia and Cross River, recorded the highest food prices on a Month-on-Month basis.


On the other hand, states within the North East (Borno and Yobe) recorded the lowest food inflation during the time.


“On a Month-on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17 percent), Cross River (5.14 percent), Bayelsa (4.75 percent), while Borno (1.59 percent), Yobe (2.08 percent) and Adamawa (2.12 percent) recorded the slowest rise in Food inflation on Month-on-Month basis.”

https://www.vanguardngr.com/2024/04/garri-yam-akpu-lead-in-food-inflation-as-abia-tops-with-5-17-nbs/
Politics / Updated: Nigeria’s Inflation Rate Hits 33.2% In March by Omooba77: 12:57pm On Apr 15
Nigeria’s headline inflation rate reached 33.2 percent in March 2024. This represents a 1.5 percentage points year-on-year (YoY) increase from 31.7 percent recorded in February 2024.

The National Bureau of Statistics, NBS, disclosed this today, Monday, in its Consumer Price Indices report for March 2024.

The bureau also said that food inflation increased YoY by 2.09 percentage points to 40.01 percent in March from 37.92 percent in February.
NBS said: “In March 2024, the headline inflation rate increased to 33.2 percent relative to the February 2024 headline inflation rate which was 31.7 percent.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.5 percentage points when compared to the February 2024 headline inflation rate.

“On a YoY basis, the headline inflation rate was 11.16 percentage points higher compared to the rate recorded in March 2023, which was 22.04 percent.

“This shows that the headline inflation rate (YoY basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 percent which was 0.10 percent lower than the rate recorded in February 2024 (3.12 percent).

“This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

On food inflation the bureau said: “The food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percentage points higher compared to the rate recorded in March 2023 (24.45 percent).

Food inflation
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following
items:

“Gari, millet, akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sardine, and mudfish dried (under Fish class).

Global warming to raise food prices, inflation - study
“Palm oil, vegetable oil (under Oil and Fat), beef feet, beef head, liver (under meat class), coconut, watermelon (under Fruit Class), Lipton tea, Bournvita, Milo (under coffee, tea and cocoa class).

Month-on-month inflation
“On a month-on-month basis, the food inflation rate in March 2024 was 3.62 percent. This shows a 0.17 percentage points decrease compared to the rate recorded in February 2024 (3.79 percent).”


NBS noted that in March 2024, food inflation on a YoY basis was highest in Kogi (48.46 percent), Kwara
(46.18 percent), Akwa Ibom (45.18 percent), while Nasarawa (33.76 percent), Borno (34.28 percent) and Bauchi (34.38 percent), recorded the slowest rise in Food inflation on YoY basis.

It added: “On a Month-on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17 percent), Cross River (5.14 percent), Bayelsa (4.75 percent), while Borno (1.59 percent), Yobe (2.08 percent) and Adamawa (2.12 percent) recorded the slowest rise in Food inflation on Month-on-Month basis.”

World Bank
Meanwhile, Vanguard reported earlier that the World Bank said that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024.


The World Bank also reaffirmed its projection of 3.3 percent economic growth for the country in 2024 and reduced its projection for 2025 to 2026 by 0.1 percentage points to 3.6 percent from its January projection of 3.7 percent.

https://www.vanguardngr.com/2024/04/breaking-nigerias-inflation-rate-hits-33-2-nbs
Politics / Re: 2014-2024; Ten Years After Chibok Girls Saga: #bringbackourgirls by Omooba77: 7:10pm On Apr 14
DMerciful:
Nope, the SW and North perceived Jonathan as Igbo, thats why the campaign of calumny against him
.....
European Football (EPL, UEFA, La Liga) / Re: Arsenal Vs Aston Villa (0 - 2) On 14th April 2024 by Omooba77: 7:05pm On Apr 14
Joy2dworldxyz:


Arsenal go win with a lone goal

We lost by 2 goals..

4 Likes

European Football (EPL, UEFA, La Liga) / Wolverhampton Vs Arsenal (0 - 2) On 20th April 2024 by Omooba77: 6:57pm On Apr 14
Arsenal hope of winning EPL title hanged in the balance after the loss,but we keep on pushing against Wolverhampton......
#COYG... ..
Politics / Re: 2014-2024; Ten Years After Chibok Girls Saga: #bringbackourgirls by Omooba77: 12:16pm On Apr 14
Wainey:
because kidnappings has become normal, when a particular crime becomes too much, it's becomes normal.
Cultism, cybercrime, agbero has become a normal thing
Hmmmm......
Politics / Re: 2014-2024; Ten Years After Chibok Girls Saga: #bringbackourgirls by Omooba77: 12:01pm On Apr 14
Why are people not carrying placards now, like they did against Jonathan, despite weekly kidnapping......

1 Like

Politics / 2014-2024; Ten Years After Chibok Girls Saga: #bringbackourgirls by Omooba77: 11:36am On Apr 14
2014-×024; Ten years after of Chibok Girls: #BringBackOurGirls
Politics / Re: Retired Justice Ahmad Olanrewaju Belgore Is Dead by Omooba77: 8:47am On Apr 14
Bovis:


RIP Sir Belgore, you have come, seen and conquered
This is not Alfa Belgore......
Religion / Re: Why Are Youths Running Away From Holiness Preaching Churches? by Omooba77: 8:47am On Apr 14
May God show mercy.....
Politics / Retired Justice Ahmad Olanrewaju Belgore Is Dead by Omooba77: 9:43am On Apr 10
A retired Justice of the Court of Appeal, Ahmad Olanrewaju Belgore, is dead.

The Chairman of the Nigeria Bar Association, Ilorin Branch, Kwara State, Kamaldeen Gambari, announced his death on Tuesday.

Information reaching me now indicates that Hon. Justice Ahmad Olarewaju Belgore, PCJA (retd.) is dead. May Allah forgive his shortcomings,” Gambari said in a social media post, as reported by Leadership Newspaper.

PUNCH Online was unable to locate the specific social media post referenced by the newspaper.

Belgore retired as the Justice of the Court of Appeal on April 18, 2023, on the attainment of the retirement age of 70.

Meanwhile, in a condolence message, the Emir of Ilorin and Chairman, Kwara State Traditional Rulers Council, Alhaji Ibrahim Sulu-Gambari described the death of Justice Belgore as a big loss to the Ilorin Emirate and nation at large.

The Emir, in a statement by his spokesman, Abdulazeez Arowona, said, “This is a great and colossal loss that has befallen the Ilorin Emirate and humanity at large.

“It is with shock that I received the news of the demise of Justice Ahmad Belgore. He was a complete gentleman, a thorough judicial officer who served the nation meritoriously in various capacities, nationally and internationally.

“He was one of the finest justices that the Ilorin Emirate has ever produced. He contributed in no small measures to the growth and development of the judiciary and humanity in general.

The Emir commiserated with the immediate and extended family members of the deceased as well as the entire people of Ilorin and Nigerians in general.

https://punchng.com/ex-appeal-court-justice-belgore-is-dead/

4 Likes

Politics / Re: Petrol Subsidy Payment Pushes NNPCL's Fuel Import To $3b by Omooba77: 11:08pm On Apr 09
Nlfpmod, we are still paying subsidy....
European Football (EPL, UEFA, La Liga) / Bayern Munich Vs Arsenal: UCL (1 - 0) On 17th April 2024 by Omooba77: 9:56pm On Apr 09
All square..
Arsenal have all to pay for in Munich....
A win against Bayern Munich will send Arsenal to Semi final.....
#COYG.....

2 Likes

European Football (EPL, UEFA, La Liga) / Re: Arsenal Vs Bayern Munich: UCL (2 - 2) On 9th April 2024 by Omooba77: 9:42pm On Apr 09
Trosssard 2-2......

4 Likes 1 Share

European Football (EPL, UEFA, La Liga) / Re: Arsenal Vs Bayern Munich: UCL (2 - 2) On 9th April 2024 by Omooba77: 8:35pm On Apr 09
Arsenal 1 Bayern 2....
European Football (EPL, UEFA, La Liga) / Re: Arsenal Vs Bayern Munich: UCL (2 - 2) On 9th April 2024 by Omooba77: 8:27pm On Apr 09
1-1....
European Football (EPL, UEFA, La Liga) / Re: Arsenal Vs Bayern Munich: UCL (2 - 2) On 9th April 2024 by Omooba77: 8:27pm On Apr 09
Bukayo scores 1-0 @Arsenal....
Politics / Petrol Subsidy Payment Pushes NNPCL's Fuel Import To $3b by Omooba77: 12:44pm On Apr 09
Despite the denial of ending subsidy on Premium Motor Spirit (PMS), indications have emerged that the Nigerian National Petroleum Company Limited (NNPL) is unable to pay oil traders $3 billion. x With surging crude oil prices, inflation and depreciation of the Naira, The Guardian had reported that about N1 trillion is being paid monthly to sustain the current pump price of petrol. Some oil traders have told Reuters that while the NNPCL is gradually clearing the backlog, over $3 trillion remains unpaid. The players said instead of the agreed 90 days, the payment is taking as much as 130 days. While NNPCL remains the sole importer of petrol, President Bola Tinubu, who had announced subsidy in his inauguration speech on May 29, 2023, backtracked through a subsequent announcement reiterating that the price would remain unchanged. The development has kept the pump price at a flat rate despite changes in market realities, including the crude price, which now sells for about $90 per barrel against the about $70 it was when Nigeria removed subsidy. Meanwhile, across most West African countries, the price of petrol now hovers between N1,400 and N2,000 per barrel. In Cameroon, a litre of PMS was N2,011; Benin Republic sells at N1,633. Togo offers it for N1,680, while the product goes for N1,500 in Ghana. It is N2,080 in Mali and N2,042 in Burkina Faso.



https://guardian.ng/news/petrol-subsidy-payment-pushes-nnpcls-fuel-import-to-3b/
European Football (EPL, UEFA, La Liga) / Arsenal Vs Aston Villa (0 - 2) On 14th April 2024 by Omooba77: 9:27am On Apr 08
Arsenal quest for EPL title in 2 decades remain on course with the leader hosting Aston Villa caoch by Unai, former Arsenal coach. A win will put Arsenal closer to the title.....
#COYG......

2 Likes

European Football (EPL, UEFA, La Liga) / Arsenal Vs Bayern Munich: UCL (2 - 2) On 9th April 2024 by Omooba77: 12:35am On Apr 08
Arsenal host Bayern in the last 8 of UCL, a win over the 2 legs sees Arsenal in the Semi....
#COYG.....

2 Likes

Religion / Why Are Youths Running Away From Holiness Preaching Churches? by Omooba77: 8:53am On Apr 07
Why are youths running away from Holiness Preaching Churches?
Religion / Re: I’m Nothing, But Don’t Mock My God,’ Adeboye Cautions Critics by Omooba77: 8:50am On Apr 07
Deeper than you know......

5 Likes 1 Share

European Football (EPL, UEFA, La Liga) / Re: Brighton Vs Arsenal (0 - 3) On 6th April 2024 by Omooba77: 6:59pm On Apr 06
Kai Havaertz made it two nill Aresnal.....

6 Likes 1 Share

European Football (EPL, UEFA, La Liga) / Re: Brighton Vs Arsenal (0 - 3) On 6th April 2024 by Omooba77: 6:11pm On Apr 06
Saka with a nice penalty....

1 Like

Religion / I’m Nothing, But Don’t Mock My God,’ Adeboye Cautions Critics by Omooba77: 12:18pm On Apr 06
The General Overseer of The Redeemed Christian Church of God, RCCG, Pastor Enoch Adeboye, has warned those who criticise and mock him to thread with caution. The cleric said those who do such things end badly.

Pastor Adeboye said even though he is nothing and weak, those mocking him and the mission should know that his God is a consuming fire.

He reminded his critics that the word of God made it clear that anyone God will use must be foolish, must be weak, be a nobody so that nobody will get the glory.

Recall that Adeboye had been drawing criticism from several celebrities and on-air personalities over some of his declarations and comments.

Adeboye’s sermon
Adeboye made the comments during his sermon and annointing service at the monthly Holy Ghost service. It was held on the theme: “Shielded by Fire” at The Redemption City of God.

In his words: “If Paul, who wrote more than half of the New Testament, claimed to be less than the least of the saint, according to Ephesians 3:8, Pastor Adeboye is nothing.

“However, his God is everything. Listen to me carefully, Adeboye is one stupid boy and I would prove it to you before I close, But his God is wiser than the wisest.

“Adeboye is weak, he eats pounded yam and goes to the toilet. But his God is stronger than the strongest. Adeboye is nothing but his God is the All-sufficient God.

“So there is nothing spectacular. There is no big deal if you mock Pastor Adeboye. He deserves to be mocked.

“The word of God made it abundantly clear. Anyone that God will use must be weak, foolish, and a nobody, so that only God will take the glory. So you can mock Adeboye, but you must not mock his God.

Why? Because Adeboye is nothing, there is nothing he can do to you. But his God is a Consuming fire."

Going further, he revered cleric asked his members series of questions.

“I want to ask you some questions. The fact that the leaders of Boko Haram are Muslims or claimed to be Muslims, does that mean every Muslim is a terrorist?

“Because one Islamic cleric said they should kill our first lady, does that mean every Imman is a murderer.

“There was this guy called HUSSPUPPY, the fellow who was the original 419 man that was arrested in Dubai. He happens to be a Nigerian, does that mean every Nigerian man is a 419?

“If a pastor and his wife do something insensitive somewhere, does that mean every pastor everywhere is insensitive?

Pastor in Ireland
“Then what about this pastor somewhere in Ireland. They said he committed all manners of atrocities. How will you explain that?

“Number one, the way they reported it in Nigeria is different from the way is reported where it happen.

“Over there they said “a former pastor”. Meaning he used to be. But put that one aside.

“They didn’t tell you the whole story, they did not tell you that they did not catch the boy. But he reported himself and why did he report himself, he heard a sermon on restitution and decided it is better to suffer shame while here on earth than to go to hell.

“And where did he hear that sermon, in the Redeemed Christian Church of God. We are among the few churches left in the world that ever talk about restitution.”

‘I am not Justifying the unjustifiable’
While noting that the pastor might have backslided when he committed the crime, he said: “Do you know the Bible says he who thinks he stands should take heed, lest he falls?

“Even you standing today be careful. I pray you will never fall.”

“You can say ‘but he was ordained as a pastor’. But have you heard about backsliding? Once hot for the Lord and along the line became cold. The Bible even said ‘he that thinketh that he stand…’.

“I don’t want to give the impression that I am justifying the unjustifiable. The Lord prayed all night and chose 12 disciples. One of them turned out to be Judas Iscariot. One failure out of 12.

“If you consider the number of pastors in RCCG in Nigeria, alone. Don’t let me tell you the number. But let me tell you mathematically. The number of pastors in Nigeria alone today is more than 200 thousand.

“If we find one here, one there over there, well our Lord Jesus Christ the one we are following chose 12 but one was the devil.”

Nigeria’s Economy
Pastor Adeboye lamented the increase in the pump price of fuel and the hike in the electricity tariff.

He added that what is happening in Nigeria is not ordinary. Adeboye said when he saw the way things were going he had to quickly call on some prayer warriors to intercede for the country.

He said: “If I am not such a ‘stupid’ boy I would have asked God how worse things would get before they get better.

“I did not ask. So, you see how stupid a boy I am. All of a sudden we saw the Naira going down. I never knew the Naira would go so bad.

“I know nations who got independence at the same time as Nigeria whose money is like 10,000 to a Pound.”

However, he said he called for more prayers for the country and those in place of authorities. He urged Nigerians not to be tired of praying for the country.

“As I was coming out of the prayer room, I heard the government has increased the price of fuel and electricity tarrif had increased.

“If the price of fuel increases, it means the cost of transporting the food to the market will increase. It means the food will increase in price.

“I had this feeling that the rate this is happening is no longer natural.

“And then I heard a prophet had prophesied that things would only get better towards the end of 2025.”

https://www.vanguardngr.com/2024/04/im-nothing-but-dont-mock-my-god-adeboye-cautions-critics/

38 Likes 8 Shares

Politics / Re: Fuel Queues Cause Gridlock In Lagos, Ogun Amid Fear Of Looming Scarcity by Omooba77: 9:52am On Apr 06
Ikjec:
Good or bad, this administration has done well when it comes to reducing fuel cue
Queue......
Politics / Fuel Queues Cause Gridlock In Lagos, Ogun Amid Fear Of Looming Scarcity by Omooba77: 9:08am On Apr 06
In some parts of Lagos and Ogun states, the queues of desperate motorists in some of the filling stations affected the free flow of traffic.




Fuel queues on Friday resurfaced in Lagos and Ogun states as petroleum marketers say the non-availability of Premium Motor Spirit in filling stations is as a result of shortage in supply.



Similarly, the Nigerian National Petroleum Company Limited confirmed that there were no products in its Apapa depots.




The long queues resurfaced in filling stations across the two states on Friday, creating fear of impending fuel scarcity.



In some parts of Lagos and Ogun states, the queues of desperate motorists in some of the filling stations affected the free flow of traffic.



At the Oando filling station in Alapere, Lagos, commuters were held in traffic as motorists struggled to buy fuel. The station stopped dispensing fuel later in the day.



There were long queues at the Conoil filling station, while the TotalEnergies station in the same area was not dispensing fuel to customers.



PUNCH observed that many stations did not dispense fuel and this increased the pressure on the few ones where the product was available.



The NNPC station at Fadeyi did not sell petrol as of noon on Friday, while the NIPCO station recorded a long queue of vehicles waiting to get Premium Motor Spirit.



There were also long queues of motorists at the AP filling station in Onipanu.



The Mobil filling stations at Palmgrove, Alausa and Mile 2 areas of the state did not open for business.



The Enyo filling station at Ojodu junction had long queues when visited.



It was the same scenario at Eterna filling station at Oworonshoki, Northwest in Oju-Elegba, TotalEnergies and MRS in Surulere.



The NNPC, Mobil, TAS, NIPCO, Enyo, As-Salam and other filling stations along the Mowe-Ibafo route in Ogun State did not sell petrol too.



Similarly, the Capital and Enyo filling stations at Berger did not sell PMS as at the time of filing this report.



The Rain Oil and NNPC stations in Ibafo, Asese and Mowe areas had long queues of motorists, while other stations along the Lagos-Ibadan Expressway were shut.



The situation affected the number of commercial vehicles on the roads.



At Mile 2, some young men engaged in the sale of the product in jerrycans at N800 per litre.



A customer on the Ikotun Idimu Road in Lagos, who gave his name as Mr Ejiogbu, said, “I just noticed there are long queues in filling stations around here and I don’t know why it is only the NNPC station that is dispensing fuel in the area.



“I started noticing the scarcity and queues everywhere two days ago and I don’t know why.”



It was observed that the scarcity has started affecting transport fares.



A trader, Mrs Ada Herbert, said, “Ikotun to Cele Express used to be between N400 and N500, but today, drivers pegged it at N600; I don’t know if it was as a result of the fuel scarcity.”



At the Mobil filling station at First Gate along the Lagos-Badagry Expressway, there was a short queue of motorists waiting to buy fuel in jerrycans.



One of the fuel attendants said the station managed to get fuel after three days of no supply.



“They just came to supply fuel for us now. We didn’t have fuel for over three days. I don’t know why they didn’t bring it earlier. What matters is that we have fuel to sell now,” the attendant, who declined to give his name, said.



Motorists also queued up to buy fuel at the Mobil station at Alakija, where PMS was sold fuel for N605 per litre.



The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, had said on Monday that there was a little hiccup in the distribution of the product and expressed optimism that normalcy would be restored after the Easter break.



Fashola stated, “Yes, I think there was a little infraction in supply. The Easter holidays from Friday to Monday also added to the situation. I think from Wednesday it will ease off.



“There was little problem with supply even before the holidays. There was a little hiccup in supply, and the holiday added to it. I am sure will start getting better after the holidays.”



However, the situation seems to be getting worse four days after the Easter break.



The spokesperson for the NNPCL, Olufemi Soneye, in a message on Friday, confirmed that there were queues at NNPCL stations, saying there were no products at the company’s Apapa depots.



According to him, the NNPCL has carried out a review and there is no sign of scarcity in Lagos.



Soneye stated, “There were no products at our Apapa depots. We have carried out a review and there was no sign of scarcity in Lagos.



“It is only the NNPC Retail stations that have queues due to our price differential.”



However, the Major Energies Marketers Association of Nigeria differed with the NNPCL as it confirmed queues at its filling stations.



The Executive Secretary of MEMAN, Clement Isong, said there was low stock over the Easter weekend for some of the members, adding that this resulted from truck out to supply stations without replenishment at its depots.



Isong said this led to outages in some retail outlets during the past week.



However, he stated that the depots were currently receiving PMS supplies from the NNPC Trading and would continue to do so throughout the weekend.

https://saharareporters.com/2024/04/06/fuel-queues-cause-gridlock-lagos-ogun-amid-fear-looming-scarcity
Politics / Electricity In KWH & Minimum Wage In Nigeria, South Africa & Calgary, Canada by Omooba77: 1:09pm On Apr 05
Electricity in South Africa is N147 per kWh

In Calgary, Canada it is N122 per kWh.

In Nigeria, it is N225 per kWh.

Minimum wage in South Africa is N312,000.

Minimum wage in Calgary is N2.3 million.

Minimum wage in Nigeria is N30,000.

Source: Arewa

93 Likes 15 Shares

European Football (EPL, UEFA, La Liga) / Brighton Vs Arsenal (0 - 3) On 6th April 2024 by Omooba77: 6:10am On Apr 05
Arsenal continues the quest for EPL tittle by visiting Brighton.....
#COYG...

1 Like

European Football (EPL, UEFA, La Liga) / Re: Arsenal Vs Luton Town (2 - 0) On 3rd April 2024 by Omooba77: 7:59pm On Apr 03
1-0 @Arsenal. Captain fantastic Odegaard.....

3 Likes 1 Share

Politics / Discos Make N1tn Amid Grid Crisis, Unmetered Customers Hit 5.8m by Omooba77: 1:09am On Apr 02
Despite the persistent epileptic power supply nationwide, revenue generation by electricity distribution companies in Nigeria surged to N1.1trn within the 12 months of 2023, a new report has revealed.

The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.

This latest data was disclosed in the electricity report released by the National Bureau of Statistics on Monday.

The latest data came despite the sporadic power grid collapses recorded during the year.


So This Happened (206) Reviews Senate Bill To Compensate #EndSARS Victims,...
Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency said in a report.

According to the report, Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.

Despite the challenges, the distribution companies have continued to smile at the bank, allocating outrageous billing to customers.


An analysis of the revenue data showed that the Ikeja Electricity Distribution Company got the highest revenue of N218.6bn, up by 31.7 per cent or N52.7bn from N165.9bn recorded in 2022. It was followed closely by the Eko Distribution Company which got a revenue increase of N52.8bn or 42.3 per cent from N124.8bn in 2022.

Third on the list is the Abuja Electricity Distribution Company, with a revenue generation of N167.4bn from N125.7bn recorded in 2022.

Similarly, Ibadan Electricity Distribution Company got a revenue of N111.3bn, Enugu Electricity Distribution Company got a revenue of N82.5bn, Yola Electricity Distribution Company (N22.3bn), and Benin Electricity Distribution Company (N84.6bn), and Kaduna Electricity Distribution Company (N32.4bn).

Also, Jos Electricity Distribution Company increased its revenue to N38.9bn, Kano Electricity Distribution Company (N55.2bn) and Port-Harcourt Electricity Distribution Company (N74.7bn).

Findings also showed that the increased efficiency in revenue collection might not be unconnected to rise in the overbilling of customers especially those on estimated billing system.

Also, it was observed that Discos were able to capture more customers under estimated billings system.

A further analysis stated that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8m.


“Similarly, metered customers stood at 5.61 million in Q4 2023, indicating a decrease in the growth rate of 1.32 per cent from 5.68 million recorded in the preceding quarter. On a year-on-year basis, this grew by 9.38 per cent from the figure reported in Q4 2022 which was 5.13 million,” the report read.

Recently, the Nigerian Electricity Regulatory Commission, declared that it would deduct N10,505,286,072 from the annual allowed revenues of the 11 power distribution companies during the next tariff review as part of sanctions over their non-compliance with the capping of estimated bills for unmetered customers.

It stressed that the billing of unmetered customers in their various franchise areas for 2023 revealed non-compliance with the monthly energy caps issued by the commission.

The commission explained that the Discos would pay about 10 per cent of the amount they over-billed their customers between January and September 2023.

The regulator also ordered the Discos to refund the cheated customers in full and to ensure compliance in the future, stressing that to deter future occurrence, a 10 per cent fine had been imposed on the utilities.

Since the start of this year, Nigerians have grappled with intermittent power supply, which has adversely impacted businesses and households, prompting numerous individuals and firms to seek alternative sources of energy.

The poor power supply situation was worsened by the fuel subsidy removal of June 2023, with the jump of the average pump price of petrol from N238.11 per litre to over N600 per litre.


This demand for power has been exacerbated by a succession of heat waves, amplifying the environmental and health-related challenges.

Last week, authorities in public and private hospitals lamented the poor power supply situation amid the high cost of diesel in the country, noting that the poor power supply was affecting healthcare delivery.

On February 2, the Minister of Power, Adebayo Adelabu in a post on X formerly Twitter attributed the main cause of poor power supply in the country to the low supply of gas to generating companies.

He said the poor supply had impacted the quantum of bulk power available on the transmission grid for onward transmission to the distribution load centres nationwide.

“I had crucial discussions with power Generating companies and Distribution companies to address the ongoing issue of blackouts in parts of our country. After investigations, it’s clear that the main cause of poor power supply is the low supply of gas to GenCos,” Mr Adelabu said.

To stem the tide, the Federal Government had threatened to revoke the licences of power Distribution Companies over persistent poor power supply across the country, but the situation has not changed much.

The situation is partially attributed to the over $1bn indebtedness to gas producers who provide the gas required for running thermal gas-fired power plants amid the collapse of the national grid.

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Consumers kick

Commenting on the report released by the NBS on Monday, the National Secretary, Nigeria Electricity Consumer Advocacy Network, Uket Obonga, said the Discos made money in 2023 as result of policies initiated by the Nigerian Electricity Regulatory Commission.

These policies, according to Obonga, benefitted the Discos more, but did not increase power supply to consumers, adding that the Discos also failed to improve their networks in order to serve their customers better.

“They are making money and smiling but they have not expanded their network to meet the demands of customers. What is giving them money is the Service Based Tariff that was initiated by NERC, which is questionable; another is the Performance Improvement Plan, which again is questionable.

“On SBT, you are aware that since this year, no consumer can comfortably say he or she has received up to eight hours of supply in a day. Many consumers suffered the same thing last year.’’

“Now, you have over 60 per cent of unmetered customers and the Discos will bring bills to these customers whether these Discos supplied power or not to the power users. And they will still harass customers with threats of disconnection if the customers fail to pay.

“And the regulator of the sector has not done anything concrete to address this. So tell me, why won’t the Discos make money? They are making money by distributing darkness,” the NECAN secretary stated.


Obonga called for sanctions against Discos that fail to meter their customers, stressing that had it been most consumers were metered, it would be difficult for the power distributors to defraud their customers with estimated bills.

Discos sanctioned

“The NERC recently revealed how the Discos overbilled their customers over a certain period of time and declared that the power firms would make refunds. That declaration should be enforced,” he stated.

In February, The PUNCH reported that Discos overbilled customers by N105bn, and were to face sanctions from NERC.

The commission had declared that it would deduct N10,505,286,072 from the annual allowed revenues of the 11 power distribution companies during the next tariff review as part of sanctions over their non-compliance with the capping of estimated bills for unmetered customers.

NERC had disclosed this in a notice obtained in Abuja, stressing that the billing of unmetered customers in their various franchise areas for 2023 revealed non-compliance with the monthly energy caps issued by the commission.

The commission explained that the Discos would pay about 10 per cent of the amount they over-billed their customers between January and September 2023.


In separate orders to the Discos, it was established that the power firms over-billed their customers to the tune of about N105bn in nine months.

Abuja Disco, for instance, overbilled its customers without meters to the tune of N17.874bn, while Eko Disco over-billed its unmetered customers by N13.137bn.

Port Harcourt Disco overbilled its customers without meters by N14.187bn, as Kaduna Disco overbilled its customers by N1.145bn.

The regulator ordered the Discos to refund the cheated customers in full and to ensure compliance in the future, stressing that to deter future occurrence, a 10 per cent fine had been imposed on the utilities.


https://punchng.com/discos-make-n1tn-amid-grid-crisis-unmetered-customers-hit-5-8m/

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